Bank of America Consumer Checkpoint (July): Credit and debit card spending per household increased 0.2% Y/Y in June, compared to 0.8% Y/Y in May
- Seasonally adjusted (SA) spending per household rose 0.3% M/M in June, but that only partially unwound the M/M declines of 0.2% and 0.7% in April and May.
- While there was a 0.7% M/M rise in retail spending in June, services spending dropped by 0.1% M/M, the third straight monthly decline.
- "It appears consumers are pulling back on some areas of discretionary services spending, though this cooling does not currently appear broad-based."
- "Lower-income households' spending growth is particularly soft, with their total card spending growth negative YoY in the three months to June; these households also have the weakest after-tax wage growth in Bank of America deposit data. But the spending and wage growth of higher-income households appears to have risen."
Analysis details (12:14)
- Comes ahead of the June Retail sales report next Thursday.
10 Jul 2025 - 12:14- Economic Commentary- Source: Newswires
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